
Editorial
The US elections have introduced new dynamics, with the Republican victory leading the market to expect stronger growth, higher inflation, and as a result less interest rate cuts. This shift in expectations has contributed to significant gains in global stock markets, with major stock indices reaching their “all time high” levels.
Central banks have continued easing their policies, with the Federal Reserve implementing its second rate cut. However, the path forward remains uncertain, as policymakers balance the need for economic support against the risk of reigniting inflationary pressures.
Geopolitical tensions have escalated in the latter half of 2024, potentially impacting global supply chains and trade relations. The new US administration’s emphasis on protectionist policies and strategic repositioning may further complicate the international economic landscape.
In Europe, France faces a significant political and economic crisis centered around its 2025 budget, causing volatility in financial markets and raising questions about long-term fiscal sustainability.
We hope you enjoy reading and find these updates helpful for the month ahead.

Joan Bürgy
Investment Specialist

Jérôme Tobler, CIIA
Partner Senior Financial Advisor
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